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Tuesday, July 16, 2024

Coteccons Construction eyes 10-fold profit growth this year

The Saigon Times

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HCMC – Coteccons Construction, which trades its CTD shares on the Hochiminh Stock Exchange, looks to obtain over VND16.2 trillion in revenue and VND233 billion in profit this year, up 12% and 1,010% over 2022.

The figures were released at the company’s general meeting of shareholders today, April 25.

This is a high target given that unfavorable market conditions are expected to linger on for the construction and real estate industries.

Besides, the firm would issue 554,785 preferred shares under the employee share ownership plan at a price of VND10,000 per share this year. The shares are not transferable for one year.

CTD eased off its six-session winning streak, dropping 1.4% against the previous trading session at VND58,000 per share. Its matching volume was 1.6 million shares.

The selling pressure on many stocks, especially securities ones, drove down the VN-Index of the Hochiminh Exchange today, extending its losing streak to three sessions.

The main index lost 6.51 points, or 0.63% lower than the session earlier, at 1,034.85 points, with 119 winners and 247 losers.

Trade in the southern bourse inched down 3% in volume but rose 3% in value against the previous session, with 539.6 million shares valued at VND9.4 trillion changing hands. Over 53.8 million shares worth VND1 trillion were transacted in block deals.

The VN30 basket saw only two gainers, HPG and VCB, while MBB stood at the reference price. With 27 losers, the VN30-Index slid 9.13 points, or 0.87% versus yesterday’s session, at 1037.04 points.

Real estate stock DIG took the lead by liquidity on the bourse today, with over 23.9 million shares traded, followed by SSI and HPG with a matching volume of 18.7 million shares and 18.4 million shares, respectively.

On the northern bourse, the HNX-Index inched down 2.08 points, or 1%, against the previous session to close at 204.69, with 53 advancers and 110 decliners.

There were more than 85.4 million shares worth VND1.1 trillion traded on this bourse.

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